Why is San Diego real estate still so expensive?

[Scarlett]

[quote=bearishgurl][quote=sdrealtor]What you are missing is that it is not just about finding the best schools for your kids. Equally as important is moving somewhere that the neighbors are likemided/care about the schools as much as you do and you find yourselves living among your peers. People want the best for their kids and themselves. The buyers willing and able to move into one of the trophy school districts find themselves hanging out with people more like them. That is what Scarlet was getting at in the other thread that seems to have slipped by you.[/quote][/quote]
Exactly. That’s exactly what I was trying to convey to BG. Granted, life is dynamic. So some people with kids may move out, but if we have good schools other people, more or less similar with kids will move in. People move out and people move in. But it’s highly unlikely that in a neighborhood (not just 1 block) more than half of the adult professionals with kids will move out in short time span – AND that no people with kids will move in.

[quote=bearishgurl] One can’t really buy property based upon a “perception” of who the neighbors are today and who they might be tomorrow. They’re not joining a country club. They’re purchasing a suitable residence for their family.[/quote]
One wouldn’t buy in a ghetto/gang area just because it’s cheap and close to work, even if it’s a very decent house, now would they? On the same token, those gang people may simply decide to move away,no?

[quote=bearishgurl]She stated she had been discounting it without considering it. Her “perception” was that UC was “too expensive.” Yet, she had been looking at comparably-priced properties in recent months that were >=16 mi away navigating 2-3 fwys. I’m not saying that Scarlett is “dumb,” far from it. But she is a “typical” parent-buyer. Without realizing it, this category of buyers has been known to purchase properties in inferior locations without truly considering what is actually on offer in an excellent location for them. It’s a pervasive buying mistake here and again, this preference seems to be generational. It did not exist before urban sprawl took a stronghold in this county.[/quote]

First of all, I have NOT ever discounted UC. I had co-workers in UC and loved their places and commute. However when I pull SDL listing of homes of 500K – maybe one or two come up every few months. And usually they are not that great, i.e. quite a few of the desirable features are missing, or it’s a lot of work (which we can’t afford). That IS still expensive FOR ME. In the mean time I can pull out many more listings like that in PQ, CMR or SR. You are saying it’s UC where I should buy. Yes I know I am buying only ONE house – which is why I keep my eye on MM and UC even with the very slim inventory in my price range. But I want to be happy with the house and if I really settle ONLY on UC I may have to wait a LOOOONG time before getting one I like.
PQ, SR, CMR, and west MM are not, by any means, inferior locations.

Also, another important factor – WORKPLACES CAN change, commutes can change. Why buy a house strictly on this one job’s location? I’d buy somewhere with good access to freeways and pretty central. I am not saying UC doesn’t fit that description, but others like PQ, MM, SR do too.

[permabear]

Scarlett,

I don’t think UC is worth the premium attached to it. UC’s API scores are the same or lower than the other areas you mentioned. Plus, IMO, it doesn’t have the same “neighborhood” feel the other areas do. It feels in-between areas.

I know several on this board love the UC area, but if you’re looking for bang-for-buck, I think you are right in veering towards PQ, SR, CMR, and west MM. I have coworkers in each of those areas and all are very happy.

[permabear]

Scarlett,

I don’t think UC is worth the premium attached to it. UC’s API scores are the same or lower than the other areas you mentioned. Plus, IMO, it doesn’t have the same “neighborhood” feel the other areas do. It feels in-between areas.

I know several on this board love the UC area, but if you’re looking for bang-for-buck, I think you are right in veering towards PQ, SR, CMR, and west MM. I have coworkers in each of those areas and all are very happy.

[permabear]

Scarlett,

I don’t think UC is worth the premium attached to it. UC’s API scores are the same or lower than the other areas you mentioned. Plus, IMO, it doesn’t have the same “neighborhood” feel the other areas do. It feels in-between areas.

I know several on this board love the UC area, but if you’re looking for bang-for-buck, I think you are right in veering towards PQ, SR, CMR, and west MM. I have coworkers in each of those areas and all are very happy.

[permabear]

Scarlett,

I don’t think UC is worth the premium attached to it. UC’s API scores are the same or lower than the other areas you mentioned. Plus, IMO, it doesn’t have the same “neighborhood” feel the other areas do. It feels in-between areas.

I know several on this board love the UC area, but if you’re looking for bang-for-buck, I think you are right in veering towards PQ, SR, CMR, and west MM. I have coworkers in each of those areas and all are very happy.

[permabear]

Scarlett,

I don’t think UC is worth the premium attached to it. UC’s API scores are the same or lower than the other areas you mentioned. Plus, IMO, it doesn’t have the same “neighborhood” feel the other areas do. It feels in-between areas.

I know several on this board love the UC area, but if you’re looking for bang-for-buck, I think you are right in veering towards PQ, SR, CMR, and west MM. I have coworkers in each of those areas and all are very happy.

[poorgradstudent]

Has anyone already pointed out what a terrible measure of student success API is? All it tends to reflect is the demographics of who lives in the district and to some degree what a student’s peer group would be like at that school. It tells nothing about how likely a particular school is to help a student reach their potential.

As for the Original Post; I’m really noticing that talking about “San Diego” real estate is tremendously broad and vague. A 3/2 in South Park is a lot more expensive than a 3/2 in less desirable areas. Santee, La Mesa and Chula Vista are all much cheaper than most of San Diego proper. We’re actually finding that San Diego real estate is expensive not so much in San Diego, but in areas of San Diego we actually want to live in.

Job-wise, San Diego is still much better than most of the country. Florida was cited by the original post, but Florida has a pretty weak economy. Miami has a pretty strong economy, but is also expensive.

From my browsing real estate listings in Seattle, San Jose and Minneapolis in neighborhoods comparable to the ones I like here, I don’t see that big a difference in price. Minneapolis is a little cheaper, but that’s truly due to the sunshine tax/cold rebate. Cities like Portland and Boise are way cheaper, but there are few jobs there except in fields like Health Care.

Off-hand, the only part of the country I can confidently say is cheaper with as good or better of an economy is Houston and Dallas. Notably their real estate market was one of the quickest to recover, and five years from now probably will be just as expensive.

[poorgradstudent]

Has anyone already pointed out what a terrible measure of student success API is? All it tends to reflect is the demographics of who lives in the district and to some degree what a student’s peer group would be like at that school. It tells nothing about how likely a particular school is to help a student reach their potential.

As for the Original Post; I’m really noticing that talking about “San Diego” real estate is tremendously broad and vague. A 3/2 in South Park is a lot more expensive than a 3/2 in less desirable areas. Santee, La Mesa and Chula Vista are all much cheaper than most of San Diego proper. We’re actually finding that San Diego real estate is expensive not so much in San Diego, but in areas of San Diego we actually want to live in.

Job-wise, San Diego is still much better than most of the country. Florida was cited by the original post, but Florida has a pretty weak economy. Miami has a pretty strong economy, but is also expensive.

From my browsing real estate listings in Seattle, San Jose and Minneapolis in neighborhoods comparable to the ones I like here, I don’t see that big a difference in price. Minneapolis is a little cheaper, but that’s truly due to the sunshine tax/cold rebate. Cities like Portland and Boise are way cheaper, but there are few jobs there except in fields like Health Care.

Off-hand, the only part of the country I can confidently say is cheaper with as good or better of an economy is Houston and Dallas. Notably their real estate market was one of the quickest to recover, and five years from now probably will be just as expensive.

[poorgradstudent]

Has anyone already pointed out what a terrible measure of student success API is? All it tends to reflect is the demographics of who lives in the district and to some degree what a student’s peer group would be like at that school. It tells nothing about how likely a particular school is to help a student reach their potential.

As for the Original Post; I’m really noticing that talking about “San Diego” real estate is tremendously broad and vague. A 3/2 in South Park is a lot more expensive than a 3/2 in less desirable areas. Santee, La Mesa and Chula Vista are all much cheaper than most of San Diego proper. We’re actually finding that San Diego real estate is expensive not so much in San Diego, but in areas of San Diego we actually want to live in.

Job-wise, San Diego is still much better than most of the country. Florida was cited by the original post, but Florida has a pretty weak economy. Miami has a pretty strong economy, but is also expensive.

From my browsing real estate listings in Seattle, San Jose and Minneapolis in neighborhoods comparable to the ones I like here, I don’t see that big a difference in price. Minneapolis is a little cheaper, but that’s truly due to the sunshine tax/cold rebate. Cities like Portland and Boise are way cheaper, but there are few jobs there except in fields like Health Care.

Off-hand, the only part of the country I can confidently say is cheaper with as good or better of an economy is Houston and Dallas. Notably their real estate market was one of the quickest to recover, and five years from now probably will be just as expensive.

[poorgradstudent]

Has anyone already pointed out what a terrible measure of student success API is? All it tends to reflect is the demographics of who lives in the district and to some degree what a student’s peer group would be like at that school. It tells nothing about how likely a particular school is to help a student reach their potential.

As for the Original Post; I’m really noticing that talking about “San Diego” real estate is tremendously broad and vague. A 3/2 in South Park is a lot more expensive than a 3/2 in less desirable areas. Santee, La Mesa and Chula Vista are all much cheaper than most of San Diego proper. We’re actually finding that San Diego real estate is expensive not so much in San Diego, but in areas of San Diego we actually want to live in.

Job-wise, San Diego is still much better than most of the country. Florida was cited by the original post, but Florida has a pretty weak economy. Miami has a pretty strong economy, but is also expensive.

From my browsing real estate listings in Seattle, San Jose and Minneapolis in neighborhoods comparable to the ones I like here, I don’t see that big a difference in price. Minneapolis is a little cheaper, but that’s truly due to the sunshine tax/cold rebate. Cities like Portland and Boise are way cheaper, but there are few jobs there except in fields like Health Care.

Off-hand, the only part of the country I can confidently say is cheaper with as good or better of an economy is Houston and Dallas. Notably their real estate market was one of the quickest to recover, and five years from now probably will be just as expensive.

[poorgradstudent]

Has anyone already pointed out what a terrible measure of student success API is? All it tends to reflect is the demographics of who lives in the district and to some degree what a student’s peer group would be like at that school. It tells nothing about how likely a particular school is to help a student reach their potential.

As for the Original Post; I’m really noticing that talking about “San Diego” real estate is tremendously broad and vague. A 3/2 in South Park is a lot more expensive than a 3/2 in less desirable areas. Santee, La Mesa and Chula Vista are all much cheaper than most of San Diego proper. We’re actually finding that San Diego real estate is expensive not so much in San Diego, but in areas of San Diego we actually want to live in.

Job-wise, San Diego is still much better than most of the country. Florida was cited by the original post, but Florida has a pretty weak economy. Miami has a pretty strong economy, but is also expensive.

From my browsing real estate listings in Seattle, San Jose and Minneapolis in neighborhoods comparable to the ones I like here, I don’t see that big a difference in price. Minneapolis is a little cheaper, but that’s truly due to the sunshine tax/cold rebate. Cities like Portland and Boise are way cheaper, but there are few jobs there except in fields like Health Care.

Off-hand, the only part of the country I can confidently say is cheaper with as good or better of an economy is Houston and Dallas. Notably their real estate market was one of the quickest to recover, and five years from now probably will be just as expensive.

[bearishgurl]

[quote=Scarlett]. . . But it’s highly unlikely that in a neighborhood (not just 1 block) more than half of the adult professionals with kids will move out in short time span – AND that no people with kids will move in.[/quote]

Scarlett, I think a neighborhood is more likely to change if most of its residents are worker-families. It changes because workers lose their jobs (and eventually, house). It changes because workers change jobs and sell. It changes because a family grows and needs a bigger place, so sells. In a neighborhood of mostly retirees, the population is more stable.

[quote=Scarlett]One wouldn’t buy in a ghetto/gang area just because it’s cheap and close to work, even if it’s a very decent house, now would they? On the same token, those gang people may simply decide to move away,no?[/quote]

Well, first Scarlett, there are none of these areas that I am aware of in close proximity to either you or your spouse’s work locations so this issue doesn’t really affect you if you purchase in close proximity to work.

But to address your question, the presence of “gang people” or the perception of “ghetto” is in the eye of the beholder-buyer. As far as I am aware (not sure about O’side though), SD doesn’t have any “ghettos” or a proliferation of “gang people” concentrated in any particular area. This type of activity was pretty much “cleaned up” by patient, diligent foot-soldier SDPD neighborhood patrol in the mid-late ’80’s. Some of these dedicated officers have been patrolling the same streets for 25+ years. Many SDPD officers own several (or many) rental SFR’s in their longtime patrol areas and reside there as well, making it easy for them to manage their rental properties themselves. Buyers buy property in ALL areas, especially if they are already highly familiar with an area, i.e. grew up there or have relatives living there. Many buyers are VERY comfortable sending their own children to the exact same schools they attended, with no regard to “API scores,” because relative-caregivers live in the area.

[quote=Scarlett]. . . However when I pull SDL listing of homes of 500K – maybe one or two come up every few months. And usually they are not that great, i.e. quite a few of the desirable features are missing, or it’s a lot of work (which we can’t afford). That IS still expensive FOR ME. In the mean time I can pull out many more listings like that in PQ, CMR or SR. You are saying it’s UC where I should buy. Yes I know I am buying only ONE house – which is why I keep my eye on MM and UC even with the very slim inventory in my price range. But I want to be happy with the house and if I really settle ONLY on UC I may have to wait a LOOOONG time before getting one I like.[/quote]

You seem to have been waiting a long time already, Scarlett. If you are trying to get all your “desirable features” in one property, you will not find them in your price range without making another, more onerous tradeoff (i.e. commute/heat). Only you know when it’s the right time to get serious about buying a house and when that time comes, you will come across the exact same issues we are discussing today, except that the interest rates may not be as favorable, making your price-range less. Yes, some of the aforementioned areas on your “list” could fall in value more as distressed property is sold off in those areas creating lower sales comps. But don’t expect to see UC take a nosedive. I just looked at SD Transplant’s site showing a map of distressed properties he/she posted today. According to it, there are three 4/2/2 SFRs currently situated in UC where a Notice of Sale has been filed and two SFRs where a Notice of Default has been filed.

see: http://piggington.com/google039s_new_way_to_track_foreclosures

Compare these numbers to PQ, CMR or SR and MM.

I’m not saying you should buy anywhere in particular, Scarlett. You have to be comfortable with the property and commute.

[quote=Scarlett]PQ, SR, CMR, and west MM are not, by any means, inferior locations.[/quote]

No, they are not “inferior locations” in and of themselves but are “inferior locations to UC,” especially in your case, since you work near UC. That’s why UC is more expensive. You pay for what you get. In UC, you get “location” over a more modern floor plan (in your price range). It has nothing to do with “greedy” UC sellers and everything to do with location. You are free to cut a deal in UC and won’t know if a seller will accept what you offer unless you try.

Location is the most important factor in determining value of RE in CA coastal counties. There’s nothing anyone can do about this.

It is what it is . . . and this is coming from the most pragmatic bear you will ever find.

[bearishgurl]

[quote=Scarlett]. . . But it’s highly unlikely that in a neighborhood (not just 1 block) more than half of the adult professionals with kids will move out in short time span – AND that no people with kids will move in.[/quote]

Scarlett, I think a neighborhood is more likely to change if most of its residents are worker-families. It changes because workers lose their jobs (and eventually, house). It changes because workers change jobs and sell. It changes because a family grows and needs a bigger place, so sells. In a neighborhood of mostly retirees, the population is more stable.

[quote=Scarlett]One wouldn’t buy in a ghetto/gang area just because it’s cheap and close to work, even if it’s a very decent house, now would they? On the same token, those gang people may simply decide to move away,no?[/quote]

Well, first Scarlett, there are none of these areas that I am aware of in close proximity to either you or your spouse’s work locations so this issue doesn’t really affect you if you purchase in close proximity to work.

But to address your question, the presence of “gang people” or the perception of “ghetto” is in the eye of the beholder-buyer. As far as I am aware (not sure about O’side though), SD doesn’t have any “ghettos” or a proliferation of “gang people” concentrated in any particular area. This type of activity was pretty much “cleaned up” by patient, diligent foot-soldier SDPD neighborhood patrol in the mid-late ’80’s. Some of these dedicated officers have been patrolling the same streets for 25+ years. Many SDPD officers own several (or many) rental SFR’s in their longtime patrol areas and reside there as well, making it easy for them to manage their rental properties themselves. Buyers buy property in ALL areas, especially if they are already highly familiar with an area, i.e. grew up there or have relatives living there. Many buyers are VERY comfortable sending their own children to the exact same schools they attended, with no regard to “API scores,” because relative-caregivers live in the area.

[quote=Scarlett]. . . However when I pull SDL listing of homes of 500K – maybe one or two come up every few months. And usually they are not that great, i.e. quite a few of the desirable features are missing, or it’s a lot of work (which we can’t afford). That IS still expensive FOR ME. In the mean time I can pull out many more listings like that in PQ, CMR or SR. You are saying it’s UC where I should buy. Yes I know I am buying only ONE house – which is why I keep my eye on MM and UC even with the very slim inventory in my price range. But I want to be happy with the house and if I really settle ONLY on UC I may have to wait a LOOOONG time before getting one I like.[/quote]

You seem to have been waiting a long time already, Scarlett. If you are trying to get all your “desirable features” in one property, you will not find them in your price range without making another, more onerous tradeoff (i.e. commute/heat). Only you know when it’s the right time to get serious about buying a house and when that time comes, you will come across the exact same issues we are discussing today, except that the interest rates may not be as favorable, making your price-range less. Yes, some of the aforementioned areas on your “list” could fall in value more as distressed property is sold off in those areas creating lower sales comps. But don’t expect to see UC take a nosedive. I just looked at SD Transplant’s site showing a map of distressed properties he/she posted today. According to it, there are three 4/2/2 SFRs currently situated in UC where a Notice of Sale has been filed and two SFRs where a Notice of Default has been filed.

see: http://piggington.com/google039s_new_way_to_track_foreclosures

Compare these numbers to PQ, CMR or SR and MM.

I’m not saying you should buy anywhere in particular, Scarlett. You have to be comfortable with the property and commute.

[quote=Scarlett]PQ, SR, CMR, and west MM are not, by any means, inferior locations.[/quote]

No, they are not “inferior locations” in and of themselves but are “inferior locations to UC,” especially in your case, since you work near UC. That’s why UC is more expensive. You pay for what you get. In UC, you get “location” over a more modern floor plan (in your price range). It has nothing to do with “greedy” UC sellers and everything to do with location. You are free to cut a deal in UC and won’t know if a seller will accept what you offer unless you try.

Location is the most important factor in determining value of RE in CA coastal counties. There’s nothing anyone can do about this.

It is what it is . . . and this is coming from the most pragmatic bear you will ever find.

[bearishgurl]

[quote=Scarlett]. . . But it’s highly unlikely that in a neighborhood (not just 1 block) more than half of the adult professionals with kids will move out in short time span – AND that no people with kids will move in.[/quote]

Scarlett, I think a neighborhood is more likely to change if most of its residents are worker-families. It changes because workers lose their jobs (and eventually, house). It changes because workers change jobs and sell. It changes because a family grows and needs a bigger place, so sells. In a neighborhood of mostly retirees, the population is more stable.

[quote=Scarlett]One wouldn’t buy in a ghetto/gang area just because it’s cheap and close to work, even if it’s a very decent house, now would they? On the same token, those gang people may simply decide to move away,no?[/quote]

Well, first Scarlett, there are none of these areas that I am aware of in close proximity to either you or your spouse’s work locations so this issue doesn’t really affect you if you purchase in close proximity to work.

But to address your question, the presence of “gang people” or the perception of “ghetto” is in the eye of the beholder-buyer. As far as I am aware (not sure about O’side though), SD doesn’t have any “ghettos” or a proliferation of “gang people” concentrated in any particular area. This type of activity was pretty much “cleaned up” by patient, diligent foot-soldier SDPD neighborhood patrol in the mid-late ’80’s. Some of these dedicated officers have been patrolling the same streets for 25+ years. Many SDPD officers own several (or many) rental SFR’s in their longtime patrol areas and reside there as well, making it easy for them to manage their rental properties themselves. Buyers buy property in ALL areas, especially if they are already highly familiar with an area, i.e. grew up there or have relatives living there. Many buyers are VERY comfortable sending their own children to the exact same schools they attended, with no regard to “API scores,” because relative-caregivers live in the area.

[quote=Scarlett]. . . However when I pull SDL listing of homes of 500K – maybe one or two come up every few months. And usually they are not that great, i.e. quite a few of the desirable features are missing, or it’s a lot of work (which we can’t afford). That IS still expensive FOR ME. In the mean time I can pull out many more listings like that in PQ, CMR or SR. You are saying it’s UC where I should buy. Yes I know I am buying only ONE house – which is why I keep my eye on MM and UC even with the very slim inventory in my price range. But I want to be happy with the house and if I really settle ONLY on UC I may have to wait a LOOOONG time before getting one I like.[/quote]

You seem to have been waiting a long time already, Scarlett. If you are trying to get all your “desirable features” in one property, you will not find them in your price range without making another, more onerous tradeoff (i.e. commute/heat). Only you know when it’s the right time to get serious about buying a house and when that time comes, you will come across the exact same issues we are discussing today, except that the interest rates may not be as favorable, making your price-range less. Yes, some of the aforementioned areas on your “list” could fall in value more as distressed property is sold off in those areas creating lower sales comps. But don’t expect to see UC take a nosedive. I just looked at SD Transplant’s site showing a map of distressed properties he/she posted today. According to it, there are three 4/2/2 SFRs currently situated in UC where a Notice of Sale has been filed and two SFRs where a Notice of Default has been filed.

see: http://piggington.com/google039s_new_way_to_track_foreclosures

Compare these numbers to PQ, CMR or SR and MM.

I’m not saying you should buy anywhere in particular, Scarlett. You have to be comfortable with the property and commute.

[quote=Scarlett]PQ, SR, CMR, and west MM are not, by any means, inferior locations.[/quote]

No, they are not “inferior locations” in and of themselves but are “inferior locations to UC,” especially in your case, since you work near UC. That’s why UC is more expensive. You pay for what you get. In UC, you get “location” over a more modern floor plan (in your price range). It has nothing to do with “greedy” UC sellers and everything to do with location. You are free to cut a deal in UC and won’t know if a seller will accept what you offer unless you try.

Location is the most important factor in determining value of RE in CA coastal counties. There’s nothing anyone can do about this.

It is what it is . . . and this is coming from the most pragmatic bear you will ever find.

[bearishgurl]

[quote=Scarlett]. . . But it’s highly unlikely that in a neighborhood (not just 1 block) more than half of the adult professionals with kids will move out in short time span – AND that no people with kids will move in.[/quote]

Scarlett, I think a neighborhood is more likely to change if most of its residents are worker-families. It changes because workers lose their jobs (and eventually, house). It changes because workers change jobs and sell. It changes because a family grows and needs a bigger place, so sells. In a neighborhood of mostly retirees, the population is more stable.

[quote=Scarlett]One wouldn’t buy in a ghetto/gang area just because it’s cheap and close to work, even if it’s a very decent house, now would they? On the same token, those gang people may simply decide to move away,no?[/quote]

Well, first Scarlett, there are none of these areas that I am aware of in close proximity to either you or your spouse’s work locations so this issue doesn’t really affect you if you purchase in close proximity to work.

But to address your question, the presence of “gang people” or the perception of “ghetto” is in the eye of the beholder-buyer. As far as I am aware (not sure about O’side though), SD doesn’t have any “ghettos” or a proliferation of “gang people” concentrated in any particular area. This type of activity was pretty much “cleaned up” by patient, diligent foot-soldier SDPD neighborhood patrol in the mid-late ’80’s. Some of these dedicated officers have been patrolling the same streets for 25+ years. Many SDPD officers own several (or many) rental SFR’s in their longtime patrol areas and reside there as well, making it easy for them to manage their rental properties themselves. Buyers buy property in ALL areas, especially if they are already highly familiar with an area, i.e. grew up there or have relatives living there. Many buyers are VERY comfortable sending their own children to the exact same schools they attended, with no regard to “API scores,” because relative-caregivers live in the area.

[quote=Scarlett]. . . However when I pull SDL listing of homes of 500K – maybe one or two come up every few months. And usually they are not that great, i.e. quite a few of the desirable features are missing, or it’s a lot of work (which we can’t afford). That IS still expensive FOR ME. In the mean time I can pull out many more listings like that in PQ, CMR or SR. You are saying it’s UC where I should buy. Yes I know I am buying only ONE house – which is why I keep my eye on MM and UC even with the very slim inventory in my price range. But I want to be happy with the house and if I really settle ONLY on UC I may have to wait a LOOOONG time before getting one I like.[/quote]

You seem to have been waiting a long time already, Scarlett. If you are trying to get all your “desirable features” in one property, you will not find them in your price range without making another, more onerous tradeoff (i.e. commute/heat). Only you know when it’s the right time to get serious about buying a house and when that time comes, you will come across the exact same issues we are discussing today, except that the interest rates may not be as favorable, making your price-range less. Yes, some of the aforementioned areas on your “list” could fall in value more as distressed property is sold off in those areas creating lower sales comps. But don’t expect to see UC take a nosedive. I just looked at SD Transplant’s site showing a map of distressed properties he/she posted today. According to it, there are three 4/2/2 SFRs currently situated in UC where a Notice of Sale has been filed and two SFRs where a Notice of Default has been filed.

see: http://piggington.com/google039s_new_way_to_track_foreclosures

Compare these numbers to PQ, CMR or SR and MM.

I’m not saying you should buy anywhere in particular, Scarlett. You have to be comfortable with the property and commute.

[quote=Scarlett]PQ, SR, CMR, and west MM are not, by any means, inferior locations.[/quote]

No, they are not “inferior locations” in and of themselves but are “inferior locations to UC,” especially in your case, since you work near UC. That’s why UC is more expensive. You pay for what you get. In UC, you get “location” over a more modern floor plan (in your price range). It has nothing to do with “greedy” UC sellers and everything to do with location. You are free to cut a deal in UC and won’t know if a seller will accept what you offer unless you try.

Location is the most important factor in determining value of RE in CA coastal counties. There’s nothing anyone can do about this.

It is what it is . . . and this is coming from the most pragmatic bear you will ever find.

[Author]

Posts